Mary is married to Bob (a California Marriage) who is

Mary is married to Bob (a California Marriage) who is a minority owner of a family owned business (along with his grand‐parents, parents and two siblings) in closely held C‐corporation which manufacturers medical devices. Bob feels his fellow family shareholders are not ambitious and would like to leave the company. The company has tens of millions in earnings & profits and also holds various patents. Bob would like to be bought out his share of the family medical device business and invest in a new business. He expects a large gain as the value he will receive will exceed his basis in his stock. He is mostly concerned with obtaining one of the patents (which is an appreciated asset in the hands of the corporation) rather than cash. What are Bob’s options? What is necessary to accomplish each of his options? How would Bob’s options be affected by what is happening with Mary?

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